CBOT corn sinks on harvest pressure, technical selling
CHICAGO, Oct 7 (Reuters) - Chicago Board of Trade corn futures eased on Tuesday on technical selling and supply pressure from the ongoing harvest of a likely record-large U.S. crop, analysts said.
Losses were limited by expectations that U.S. corn yields would fall short of the latest U.S. Department of Agriculture forecast.
CBOT December corn CZ25 settled 2 cents lower at $4.19-3/4 per bushel. The contract hit overhead technical resistance at its 20- and 100-day averages.
Mostly dry weather this autumn has allowed U.S. farmers to speed ahead with harvesting of what is forecast to be a record-large corn crop. But showers were crossing the eastern half of the U.S. Corn Belt on Tuesday, slowing field work in the region.
The U.S. corn harvest was estimated to be 29% complete by Sunday, according to analysts polled by Reuters. The USDA's weekly progress report was not published on Monday due to the government shutdown.
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